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Paul is buying a new boat for $12,000. If the down payment is $3000 and the balance is to be financed over 48 months at

Paul is buying a new boat for $12,000. If the down payment is $3000 and the balance is to be financed over 48 months at 96% add-on interest what is his monthly payment? Paul's monthly payment is (Round to the nearest cent as needed.)

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